China's Internet giant Tencent announced Wednesday that its net profit increased by 14 percent year on year to 20.93 billion yuan (US$3.05 billion) in the first quarter of the year.

The company's total revenue came to 85.47 billion yuan in Q1, a rise of 16 percent from the same period last year.

Boosted by commercial payments, other fintech services and cloud services, the tech giant's fintech and enterprise services revenue grew 44 percent year on year to 21.8 billion yuan.

Tencent cloud has served more than 6,000 financial customers in the financial industry, and the number of its cloud partners has reached more than 4,000, according to the company.

Wechat, Tencent's social media platform, had over 1.11 billion active monthly users, up 6.9 percent year on year, while those of QQ, another one of Tencent's social media platforms, stood at over 700 million for the quarter.

The company's social advertising revenue has risen to 13.4 billion yuan, up 25 percent compared with the same period last year, according to its Q1 report.

Meanwhile, subscribers of Tencent's video services surged 43 percent year on year to 89 million, and its online game revenues increased by 10 percent year on year during the period.